Taiwan Inflation August 2022

Taiwan

Taiwan: Inflation plunges to lowest level since February in August

September 6, 2022

Inflation came in at 2.7% in August, down from July’s 3.4% and notably below market expectations. August's reading represented the weakest inflation rate since February, and was driven by lower price pressures for food, housing, and transportation. Taiwan’s inflation is far below the rates observed in other developed markets, partly due to mild wage growth.

Annual average inflation edged up to 3.0% in August (July: 2.9%). Finally, consumer prices fell 0.09% over the previous month in August, a sharper drop than the 0.03% fall recorded in July.

The lower-than-expected August figure will reduce pressure for the Central Bank to hike rates aggressively when it convenes on 22 September.

FocusEconomics Consensus Forecast panelists see inflation averaging 3.1% in 2022, which is up 0.1 percentage points from last month’s forecast. For 2023, the panel projects inflation to average 1.8%.


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Taiwan Inflation August 2022

Note: Month-on-month and year-on-year changes of consumer price index (CPI) in %.
Source: Directorate-General of Budget, Accounting & Statistics (DGBAS).


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